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View Poll Results: Is a home an asset or liability? | |||
Asset | 17 | 56.67% | |
Liability | 7 | 23.33% | |
I live in tater's whore of an ex-wife's chlamydia infested vag. | 6 | 20.00% | |
Voters: 30. You may not vote on this poll |
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12-14-2009, 04:56 PM | #21 | |
SFL Expatriate #2
Join Date: Nov 2008
Location: Raleigh, NC
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Quote:
What you stated above makes sense in an "if I sold this item right now" scenario. If it would make you money to sell it right now, it could be viewed as an asset. IMO, of course. The real definitions of asset vs. liability are actually much less grey than that. |
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12-14-2009, 04:57 PM | #22 |
WSB Champion
Join Date: Feb 2008
Location: Springfield, MO
Posts: 7,146
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I will admit, I think completely differently than most people as far as business and finance goes.
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12-14-2009, 04:58 PM | #23 |
SFL Expatriate #2
Join Date: Nov 2008
Location: Raleigh, NC
Moto: CBR1000
Posts: 2,043
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12-14-2009, 05:00 PM | #24 |
WSB Champion
Join Date: Feb 2008
Location: Springfield, MO
Posts: 7,146
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12-14-2009, 05:00 PM | #25 |
WERA White Plate
Join Date: Nov 2008
Location: Austin, TX
Moto: '01 Aprilia Falco
Posts: 1,041
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Actually, it's an asset because someone would give you money for it if you sold it. Totally independent of what you might owe on it.
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12-14-2009, 05:00 PM | #26 |
WSB Champion
Join Date: Feb 2008
Location: Springfield, MO
Posts: 7,146
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Has anyone ever read Rich Dad, Poor Dad by Robert Kiyosaki? If so, my mindset is closer to his than normal.
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12-14-2009, 05:01 PM | #27 |
Serious Business
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
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12-14-2009, 05:02 PM | #28 |
Elitist
Join Date: Nov 2008
Location: SF Bay Area
Moto: Gix 750
Posts: 11,351
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Even if it wasn't, it's still an asset.
Your bike is an asset, and your loan on it is a liability. They both exist simultaneously. Your bike isn't prevented from being an asset just because you have a liability (loan) on it. |
12-14-2009, 05:05 PM | #29 | |
Serious Business
Join Date: Nov 2008
Location: New York
Moto: 1993 ZX-11 2008 CBR1000rr
Posts: 9,723
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Quote:
Kiyosaki is an asshat. |
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12-14-2009, 05:09 PM | #30 |
WSB Champion
Join Date: Feb 2008
Location: Springfield, MO
Posts: 7,146
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Ok so I guess the question I was trying to get at is a little more complex.
When you buy a home, you take on the house as an asset and the mortgage and related fees as liabilities. I think we all agree on this. Which one out-weighs the other in long term and/or short term? |
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